Project Cost Estimating, Budgeting and Value Engineering Skills

Project & Contracting & Law

Fees:

Venue: Istanboul / Turkey

Start Date: 2025-04-06

End Date: 2025-04-10

Duration: 5 days

Course Content:

Introduction

Effective project cost estimation is a critical component of successful project management, as it ensures that the proposed projects are delivered within budget and meet expected quality standards. The process of cost estimation in project management plays a vital role in optimizing project costs while maintaining functionality. This course, "Project Cost Estimation and Budgeting," is designed to equip participants with the essential techniques for accurately estimating project costs, avoiding unnecessary expenditures, and linking cost estimates to appropriate procurement methods. By the end of the course, delegates will be proficient in using cost estimation techniques in project management to enhance the overall value of project delivery.

This course offers a comprehensive overview of various estimating methods and processes, including budget estimates, estimates for pre-construction services, contractor and sub-contractor work, and specific methodologies like lump-sum and unit-price estimates. Attendees will gain practical experience in applying value engineering techniques to optimize project value through effective costing and budgeting in project management.

Course Objective

Understand and apply different cost estimation techniques in project management from the conceptual to the final detailed estimate.
Recognize and use the various types of cost estimates in project management, such as preliminary, detailed, and lifecycle cost estimates.
Develop project budgets that align with costing and budgeting in project management principles.
Comprehend how to incorporate direct and indirect costs in project budgeting.
Implement value engineering techniques to maximize the value of project delivery while minimizing costs.
Understand the importance of cost estimation in construction projects and apply these techniques to real-world scenarios.
Demonstrate proficiency in life-cycle costing techniques and evaluate project risk and scenario analyses.

Training Methodology

A highly interactive combination of lecture and discussion sessions will be managed to maximize the amount and quality of information, knowledge and experience transfer. The sessions will start by raising the most relevant questions and motivate everybody finding the right answers. The attendants will also be encouraged to raise more of their own questions and to share developing the right answers using their own analysis and experience.

Course Outline

Day 1:

Cost Estimating Basics

Basic Project Management Definitions: An introduction to core project management terms and concepts related to cost estimation.
Cost Selection Methods: How to choose the right cost estimation method at each stage of project development.
Typical Project Terminology & Setting Up for Success: Key terminology used in cost estimation, including setting the foundation for effective cost management.
Project Cost Management and Cost Control: Understanding how to manage costs and ensure they are controlled throughout the project's lifecycle.
Resource & Cost Allocation: How to allocate resources efficiently and estimate the associated costs.
Understanding Project Management Inputs to Cost Estimation: Identifying the inputs required from the project management process to develop accurate cost estimates.

Day 2:

Applications, benefits and challenges of coaching

Applications of coaching in the workplace.
The benefit of coaching.
Why does coaching fail?
Operational and organizational barriers.
Why managers do not coach?
Coaching mistakes to avoid.